A new report found that more than a quarter (28%) APAC business decision-makers are now prioritizing increasing investment in environmental and social governance (ESG), over increasing market share (21%) or accelerating financial growth (20%).
Cloudera research showed that half of the data used by their businesses on a daily basis should be used to help the communities they serve. This is a sentiment 54% of business decision makers agree with — a clear indication that profit and ESG are no longer mutually exclusive pursuits.
These findings are revealed in Cloudera’s Limitless: The Positive Power of AI Study, which surveyed 2,213 enterprise business decision makers — including 54% C-Suite representation — and 10,880 knowledge workers in the USA, EMEA, India and APAC. It is clear that ESG is a top priority for business leaders. Those who fail to act for the benefit of communities are putting business growth and talent at great risk.
The study also examines attitudes to AI, Machine Learning, and Data Analytics among enterprise decision-makers, including C-Suite executives and knowledge workers. All the pieces are there for companies to accelerate their AI/ML strategy, according to the data.
Business growth and talent are at risk if we fail to act for the greater good of society.
A majority (29%) believe that companies should publicly support sustainable business practices. A large majority (88%) of knowledge workers also believe that AI is needed to help deliver more sustainable business practices to benefit their organization and the communities they serve.
However, only 27% of business decision-makers are actively involved in the implementation of these technologies. They also have limited knowledge of how they work. Companies that fill these gaps gain an advantage in the race for talent and customers. If businesses truly want to embed sustainability at their core, leaders must start to use data to deliver more sustainable outcomes – and quickly. If leaders fail to act, 24% of knowledge workers and 33% of business decision makers think that employees will leave the company. This could be a business destroying move amidst a global talent shortage, especially if all of a company’s competitors are addressing the gap.
Fear of losing work to AI has been replaced by a focus in investing in reskilling
These research findings also disprove the long-held belief workers are afraid of AI taking over their jobs. AI/ML is now a powerful ally and common thread in many job roles due to the increase in data availability to businesses. Over 25% of knowledge workers report that AI/ML has augmented or automated their daily tasks in the last 12 month (38%), ML (40%), and Data Analytics (27%). This allows them/their teams to concentrate more on strategic work (38%), and saves time (32%). What’s more, 84% of knowledge workers are now comfortable taking on a new role due to AI/ML/Data Analytics.
To capitalize on this, businesses must do more and invest more in employee training. Nine out of ten (96%) business decision-makers stated that their organization will continue to invest in reskilling employees, as more tasks become automated. But the investment in people can’t stop there. Employees must be partners in the upskilling or reskilling process to ensure that everyone is on the same page.
“The results of this study reveal a new wave of economics, focused on doing equally great things for profit, planet, and people – driven by automation and AI – is emerging,” says Mick Hollison, president, Cloudera.
“For business leaders this means it’s time to refocus how they think about technology investment — identifying not only the data that will support growth, but also the technology that will help employees and communities gain meaningful access to it. At Cloudera, we work with our customers to transform their economic output with Data Analytics and AI.”
Remus Lim, Vice President, Asia Pacific and Japan at Cloudera, said, “We have observed that businesses in APAC who adopt AI, ML and Data Analytics as part a digital transformation effort demonstrate greater business resiliency and flexibility during these difficult times.” Some have opened new business lines.
“Utilising data and analytics can yield more benefits than simply increasing profit margins or gaining a competitive advantage,” he says.
“Thoughtful data gathering and analytics can help with the success initiatives close to our hearts, including sustainability, diversity and equity, and find new opportunities to serve our communities better while ensuring business continuity.”
